5 things to weigh in starting a business

Starting your own business

Maybe you’ve been demoted. Or you are working more but earning less. Or you may have lost your job or are fearful of losing it. Whatever the reason, starting a business may be looking pretty good these days.

Before plunging into entrepreneurship, you should do some serious soul-searching and prep work, says John Cerasani, author of “Paid Training,” who left his corporate job in 2005 to start an insurance business in Chicago.

“While I encourage people to take the leap, they do need to be prepared,” he says. While you may have the skills needed to create your own company, there’s more to starting a business than knowing your job and industry.

Before handing in your resignation letter and starting a small business, here are five things to consider first.

How we make money

Bankrate.com is an independent, advertising-supported publisher and comparison service. Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. This compensation may impact how, where and in what order products appear. Bankrate.com does not include all companies or all available products.